The deal price agreed is 1,008 million NOK (Norwegian Krone), which equates to £95.63 million at current exchange rates.

Agility Projects currently employs around 650 people and has operations in Oslo, Stavanger, Bergen, Moss and an engineering office in Shanghai, China.

Wood Group said the deal will strengthen its Norwegian offshore engineering capability, with Agility Projects operating within the Wood Group Mustang's offshore business.

The business will be headed up will by current Agility Group chief executive, Otto Søberg and its existing management team.

Wood Group said the transaction is subject “to a number of conditions, including competition approval in Norway,” though completion is expected by the third-quarter of 2014.

Steve Knowles, chief executive officer of Wood Group Mustang, said: "Agility Projects' reputation is very well-established in Norway and represents a strategically important acquisition for Wood Group Mustang as it increases our exposure to the greenfield and brownfield engineering markets on the NCS.

Otto Søberg, chief executive officer of Agility Group, added: “Agility Group is very pleased to have found a new home for Agility Projects and the business is very excited to become part of Wood Group as it provides access to more engineering resources, allowing Agility Projects to offer a better level of service to our existing and new clients and enable us to pursue larger and more

complex offshore engineering projects.

“The culture and core values of Agility Projects represent a perfect fit with Wood Group Mustang as we both focus on quality of service, customers and employees.”